Scott Overstates Tax Increases in Inflation Reduction Act
The Inflation Reduction Act proposes to raise over $700 billion in new revenues over 10 years to be spent on energy, climate change initiatives, health care and deficit reduction. But not all of those revenues come via higher taxes. More than half comes from health care savings and from beefed up IRS tax enforcement.
Nonetheless, on CBS’ “Face the Nation” on Aug. 7, Sen. Rick Scott, chairman of the National Republican Senatorial Committee, twice wrongly claimed the bill would raise taxes by $700 billion.
On top of that, I mean, they’re going to raise taxes by over $700 billion. And let’s remember, companies don’t end up paying the taxes. Shareholders pay the taxes. Lower income for the employees paid the taxes. Less investment pays the taxes.
